Here's what Accenture Strategy's ‘Painting the Digital Future of Retail and Consumer Goods Companies’ report has to say about the power of digital transformationETBrandEquity | August 03, 2017, 16:00 IST

(Thinkstock Images)Retailers and consumer goods companies could unlock $2.95 trillion in value for the industry and consumers over the next decade by accelerating digital transformation, according to a new report by Accenture Strategy. Investments in new, digitally-driven business models will give consumers greater choice around how they purchase goods and services, and enable companies to deliver profitable, differentiated experiences.

Accenture Strategy’s ‘Painting the Digital Future of Retail and Consumer Goods Companies’ report, based on analysis for the World Economic Forum, quantified the impact of digital transformation on consumer industries over the next decade. The study identified current consumer appetite for new purchasing experiences, the business models that have the highest potential to unlock new value, and how organizations and policymakers can prepare themselves.

“Globally as well as in India, technology has disrupted many facets of the customer’s life. As consumers crave for their own unique experiences, companies will have to revisit their business models and continuously innovate. By effectively leveraging disruptive technologies, companies will be able to deliver the desired consumer experiences” said Anurag Gupta, managing director and lead – consumer goods and retail, Accenture Strategy, India. “To be successful in this ever-changing environment, consumer goods companies and retailers will have to build additional capabilities and partnerships to develop deeper understanding of this fast changing consumer. Leveraging advanced data sciences to mine for deeper insights is no-longer an option but a necessity”.

Consumer appetite for new purchasing experiences

Today, over half (51%) of Indian consumers would allow companies to collect their personal data via intelligent devices in return for a better experience or financial reward. Another 65 percent would subscribe to a service that constantly looks for the best pricing deals on their behalf, and actively recommends which company to switch to, and when.

Fifty-six percent of Indian consumers would use sensor-based digital services that pre-emptively address their needs without human intervention. Another 58 percent would subscribe to brands that analyze their shopping history to select products especially for them, and orders them automatically.

“The retail and consumer goods industries will change more in the next 10 years than they have over the past 40,” said Oliver Wright, managing director, global consumer goods lead, Accenture Strategy. “As expectations around cost, choice, convenience and experience continue to increase, consumers will challenge the industry to evolve and innovate which will drive huge growth in digital commerce.”

“In a rapidly evolving environment where customers demand for better products and experience is on rise, organizations would need to be ready to unlearn and continue to innovate. Collaborating with relevant partners to offer customers increased value at a fast pace would be a key mantra for the winning them over,” said Gupta.